Malibu Boats' acquisition of Finnish builder Saxdor has transformed its quarterly results, with the new brand contributing about 88% of the company's reported revenue growth while established segments delivered uneven performances.
The American boatbuilder posted US$252.9 million in net sales for the three months ended 30 September 2026, up 29.9% on the prior year. Saxdor's US$51.1 million contribution accounted for approximately 88% of that increase. Excluding Saxdor, net sales rose 3.6% to US$201.8 million.
Saxdor's revenue represented just over one fifth of total group sales. The brand contributed 139 boats to quarterly wholesale shipments, which rose 15.1% to 1,299 boats across the group. Malibu completed the Saxdor acquisition on 2 March 2026, adding adventure-oriented powerboats from compact dayboats to extended coastal cruisers.
The established segments showed contrasting results. Net sales in the Malibu segment, which includes the Malibu and Axis towboat brands, fell 9.1% to US$71.5 million as shipments dropped by 33 boats. Management attributed this to softer retail activity.
Cobalt led sales growth among the established segments, rising 18.8% to US$61.5 million, supported by 42 additional boat shipments. Saltwater Fishing rose 7.1% to US$68.9 million with 22 more shipments.
Both Cobalt and Saltwater Fishing benefited from favourable comparisons. A year earlier, elevated dealer inventories had constrained their wholesale shipments, making current growth harder to interpret as evidence of stronger retail demand. Higher dealer incentives also reduced net sales per boat in the Malibu and Saltwater Fishing segments despite price increases.
Malibu reported consolidated net income of US$6.1 million, compared with a US$710,000 loss a year earlier. The quarter included a US$15 million reduction in general and administrative expenses after Malibu reversed a liability tied to insurance proceeds it had already received. Adjusted EBITDA rose 21.7% to US$14.3 million, though the adjusted EBITDA margin slipped from 6.1% to 5.7%. Operating cash flow turned negative, using US$31.1 million compared with US$6.5 million generated a year earlier.
The results highlight how Saxdor is reshaping Malibu's business. The brand's first US-built boats have emerged from the Fort Pierce, Florida facility as Saxdor develops its North American dealer network. What remains unclear is whether underlying retail demand is strengthening across Malibu's established network, as wholesale shipments measure boats delivered to dealers rather than customer purchases.
